South Korea
|5-10 years
MSB License|
Suspicious Overrun|
High potential risk
https://www.citex.co.kr/#/home
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MSB License goes beyond their business with the United States FinCEN license (License No.: 31000168309833), please be aware of the risk!
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⭐Features | Details |
⭐Exchange Name | CITEX |
⭐Founded in | 2018 |
⭐Registered in | South Korea |
⭐Cryoptocurrencies | 100+ |
⭐Trading Fees | Taker 0.2%, Maker 0.2% |
⭐24-hour trading volume | $81 million |
⭐Customer Support | Email, Ticket Support, Social Media |
CITEX was established in 2018 and is officially located in the British Virgin Islands. However, the exchange operates mainly in South Korea. This choice is because South Korea has a bustling cryptocurrency market, and CITEX wanted to be near the people it serves the most. CITEX lets users use more than 100 types of cryptocurrencies. Every day, about $81 million worth of trading happens there. When you trade, they charge a 0.2% fee, and if you help set up trades, they charge only 0.2%.
CITEX excels in these areas:
They've got a diverse collection of 100+ cryptos to play around with.
Light trading fees – just 0.2% for both takers and makers.
Whether you're a newbie or a pro, their user-friendly setup has you covered.
Copy trading can enhance possibility of profitability.
High trading volume ensures that you can easily buy and sell cryptocurrencies.
CITEX excels in these areas:
Relatively new exchange: Not as established as some other exchanges.
Not as well-known: Not as popular as some other exchanges.
Customer support can be slow: Customer support can be slow to respond.
Some security concerns: There have been some security concerns raised about CITEX.
KYC and AML requirements: You must go through KYC and AML verification to use CITEX.
Pros | Cons |
Over 100 cryptocurrencies | Relatively new exchange |
User-friendly interface | Not as well-known as other exchanges |
Good liquidity | Slow customer support |
Copy trading available | Some security concern |
Light trading fees | KYC and AML requirements |
CITEX is supervised by the Financial Crimes Enforcement Network (FinCEN) with license number 31000168309833, but the regulatory status is marked as “ Exceeded”. The Financial Crimes Enforcement Network (FinCEN) is a bureau within the United States Department of the Treasury that is responsible for collecting and analyzing financial intelligence, and using that intelligence to combat money laundering, terrorist financing, and other financial crimes.
Cold storage: Most of CITEX's cryptocurrency funds are stored in cold storage, which means that they are offline and not connected to the internet. This makes them less vulnerable to cyberattacks.
Multi-signature wallets: CITEX's hot wallets, which are the wallets that are connected to the internet and used to process withdrawals, use multi-signature technology. This means that multiple keys are required to authorize a withdrawal, making it more difficult for unauthorized users to withdraw funds.
DDoS protection: CITEX's servers are protected from DDoS attacks, which are a type of cyberattack that can flood a server with traffic and make it unavailable.
2FA: CITEX users can enable two-factor authentication (2FA) for their accounts, which adds an extra layer of security by requiring them to enter a code from their phone in addition to their password when logging in.
CITEX primarily offers a wide range of cryptocurrencies for trading. This includes well-known digital assets such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and many others. Users on the CITEX platform can engage in spot trading, allowing them to buy and sell these cryptocurrencies at current market prices.
CITEX lists a wide variety of cryptocurrencies, including Bitcoin, Ethereum, Tether, USD Coin, and many others. The exchange currently lists over 100 cryptocurrencies.
You can find the full list of cryptocurrencies available on the CITEX exchange here: https://www.citex.co.kr/en_US/market.
The coin listing speed on CITEX is relatively fast. The exchange has a team of experts who evaluate new cryptocurrencies before they are listed. The evaluation process takes into account factors such as the cryptocurrency's market capitalization, liquidity, and technical features.
CITEX, beyond its basic cryptocurrency trading, provides users with additional services. Users can securely store their cryptocurrencies in CITEX's digital wallets. These wallets support various digital assets, ensuring easy management and secure transfers.
For traders seeking more advanced options, CITEX offers futures trading. This feature allows users to speculate on future cryptocurrency prices without owning the actual assets. Additionally, CITEX provides perpetual contracts settled in USDT, a stablecoin pegged to the US dollar, offering a predictable value reference.
CITEX stands out with its brokerage services, enabling users to become brokers, invite friends to trade, and earn rebates. The platform also offers a Copy Trade feature, allowing users to follow experienced traders and potentially achieve higher returns without actively managing their investments.
Fees for Spot Trading:
When you make an order that instantly trades at the current market price (this is called a “Taker” order), they charge a fee of 0.2%.
If you place an order at a specific price and wait for it to trade (this is called a “Maker” order), they also charge a fee of 0.2%.
Fees for Futures Trading:
When you finish a futures trading deal, they will take a fee of 0.1% from the amount you traded.
Additionally, they will charge a fee based on a percentage of your total trading amount at three specific times: 00:00, 8:00, and 16:00 each day when you close a futures position.
1. Go to the CITEX website and click on the “Sign Up” button.
3. Read and agree to the terms and conditions.
4. Click on the “Create Account” button.
5. You will receive an email from CITEX with a verification link. Click on the link to verify your email address.
6. You will then be asked to provide some personal information, such as your name, date of birth, and address.
7. You will also be asked to provide a government-issued ID to verify your identity.
Once your account has been verified, you can start trading cryptocurrencies.
Buying cryptocurrencies on CITEX is easy and involves a few steps:
1. Pick Your Cryptocurrency and Currency:Choose the cryptocurrency you want to buy and the currency you'll be using (like USD or EUR).
2. Confirm the Amount:Decide how much of the chosen cryptocurrency you want to purchase and confirm the amount.
3. Select Transaction and Payment Method:Choose how you want to make the transaction (e.g., spot trading) and your preferred payment method, like a bank transfer or credit card.
4. Make the Payment:Follow the instructions to complete the payment. Once done, wait for the payment to be confirmed.
5. Automatic Transfer:Once the payment is confirmed, your purchased cryptocurrency will be automatically transferred to your CITEX account.
At CITEX, you can deposit using wire transfers, but credit cards aren't an option. You can also use cryptocurrencies like BTC and ETH for depositing and withdrawing.The minimum deposit and withdrawal for cryptocurrencies like BTC and ETH are set at 0.05 and don't have a maximum limit. No fees for depositing using cryptocurrencies, but a fee of 0.005 is charged when withdrawing.
Depositing is free. When you take out BTC, they'll charge a withdrawal fee of 0.0005 BTC, which is about 40% less than the average of 0.0008 BTC in the industry. Overall, CITEX's fees are a bit lower than what most other exchanges usually charge.
CITEX could be a suitable exchange for various trader profiles. Beginners may find it particularly appealing due to its user-friendly interface and ample educational resources, facilitating an easier entry into cryptocurrency trading. Active traders seeking features like margin and derivatives trading may find CITEX well-suited for their needs, allowing them to engage in frequent trading and capitalize on short-term price movements. Additionally, international traders may benefit from CITEX's availability in various countries, providing a global platform for cryptocurrency trading.
Beginners: CITEX is a relatively easy-to-use exchange, with a user-friendly interface and a variety of educational resources. This makes it a good option for beginners who are new to cryptocurrency trading.
Active traders: CITEX offers a variety of features that are designed for active traders, such as margin trading and derivatives trading. This makes it a good option for traders who want to trade frequently and take advantage of short-term price movements.
International traders: CITEX is available in a variety of countries, making it a good option for traders who want to trade cryptocurrencies globally.
CITEX has not experienced any major controversies. However, there have been a few minor issues that have been raised.
In 2019, CITEX was accused of wash trading, which is a practice of artificially inflating trading volume to make an exchange look more liquid than it actually is. However, CITEX denied these allegations and said that they were the result of a technical glitch.
In 2020, CITEX was also accused of having slow customer support. However, the exchange has since taken steps to improve its customer support, and users have reported that it is now much faster and more responsive.
Features | ||||
Trading Fees | Taker 0.2%, Maker 0.2% | Maker: 0.04%, Taker: 0.075% | Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5% | Up to 0.40% maker fee and up to 0.60% for taker fee |
Cryptocurrencies | 100+ | 500+ | 11 | 200+ |
Regulation | Regulated by FinCEN (Exceeded) | Regulated by NMLS, MAS/FinCEN (Exceeded) | Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS | Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded) |
Ethan Brown
August 23, 2021
“Hey, just gotta say, CITEX really impressed me! ? Security's tight, I feel my coins are in good hands. Love how they're under proper regulation too – that's a big win for trust! The interface is so user-friendly, made trading a breeze. And oh my, the liquidity's real nice, no more stressing about buying or selling. Plus, they've got a buffet of cryptos to choose from. Customer support? They were like my trading buddies, quick and helpful! Fees are easy on the wallet, and privacy's well-respected. Deposit and withdrawal speeds? Lightning-fast with cryptos, but wire transfers took a little patience. Overall, a thumbs up for a smooth trading ride! ”
Benjamin Williams
March 8, 2022
“Ugh, gotta vent about CITEX – not my best experience. ? Security? Heard some rumors and concerns floating around, kinda shaky on that front. And don't even get me started on regulation, feels like the Wild West sometimes. The interface is meh – not the easiest to navigate. Liquidity? Ha, more like low tide. Tried to snag some niche coins – no luck! Their cryptocurrency choices are okay, but definitely seen better. Customer support? More like customer ignore. Slow and not really helpful. Trading fees? Wallet's feeling lighter than it should. As for privacy, I've got my doubts. Deposit and withdrawal speed? Slow as molasses, especially with wire transfers. All in all, left me feeling pretty frustrated. ?”
CITEX is a fresh crypto exchange with spot, margin, and derivatives trading. They have over 100 cryptos, a user-friendly setup, but slower support and less established compared to some exchanges. Before you start using CITEX or any other platform, make sure you know about these problems and do proper research.
Q: What is CITEX?
A: CITEX is a cryptocurrency exchange that was founded in 2018. It is headquartered in Singapore and registered in the British Virgin Islands. CITEX offers a variety of features, including spot trading, margin trading, and derivatives trading. The exchange supports over 100 cryptocurrencies.
Q: What are the fees for trading on CITEX?
A: The fees for trading on CITEX vary depending on the trading pair and the type of order. For example, the maker fee for BTC/USDT is 0.2% and the taker fee is 0.2%.
Q: Is CITEX safe?
A: CITEX has implemented a number of security measures to protect its users' funds. These measures include cold storage, multi-signature wallets, DDoS protection, and 2FA.
Q: Is CITEX regulated?
A: CITEX is not regulated by any government agency. However, the exchange is registered with the Financial Crimes Enforcement Network (FinCEN) in the United States.
Q: What are the minimum deposit and withdrawal limits on CITEX?
A: The minimum deposit and withdrawal limits on CITEX vary depending on the currency. For example, the minimum deposit for BTC is 0.001 BTC and the minimum withdrawal is 0.0001 BTC.
Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
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